Over the last 200 years, the Mirabaud Group has made a name for itself as one of the best private banks in Europe. Today, it also boasts of being home to some of the best professionals in the financial sector.
Top among the professionals is Yves Mirabaud, who joined the private bank in 1993 and is now a Senior Managing Partner at Mirabaud SCA and Board Chairman at Mirabaud and Cie SA. He boasts of having worked for several top-notch financial institutions in New York, Boston, and Zurich before joining the Mirabaud Group. Yves discussed how the Mirabaud Group handled the pandemic during a recent interview.
Protecting its clients’ wealth
Yves Mirabaud mentioned that since its founding, the top priority of this exemplary Swiss private bank has been to protect its clients’ wealth. Therefore, when news of a looming pandemic hitting the world broke out, the firm quickly moved to this. Firstly, it moved all of its clients’ active investments in the market to a passive position. The Swiss banker mentioned that this meant that most of its clients’ investments were barely affected even when the market went into a downfall in March. He pointed out that several clients who only use the private bank for executions opted to remain actively invested in the markets, and the investments were drastically affected by the market downturn.
The unintended effects
This Mirabaud Group Senior Managing Partner mentioned that there were also some unintended effects of passive investing in 2020 following the pandemic. He said that since nobody how long the pandemic situation would last and how long the market turmoil would last, the private bank took a long position on its passive investments. Yves Mirabaud stated that the firm couldn’t ride on the market recovery bandwagon and missed out on the part of the profits to be heard during the season. As a result, Mirabaud Group’s earnings in 2020 profits suffered as revenues dropped by 8% compared to 2020. Refer to this article for more information.